San Francisco · Tax measure · Nov 3, 2026
Proposition I: Changes to Real Property Transfer Tax
Proposition I is on the Nov 3, 2026 ballot in San Francisco. This page summarizes the official documents; every statement links to its source, and we take no position on how you should vote.
The question on your ballot
“Shall the City permanently dedicate half of the transfer tax revenues collected when certain real estate with a value or sales price of more than $10,000,000 changes hands, which will continue to be taxed at rates of 5.5% to 6%, to be spent only on affordable housing, including social housing developments and housing assistance, and exempt certain sales from the dedicated portion of the tax, for an estimated annual revenue decrease of approximately $1 million?”A YES vote means
The current transfer tax would be reduced by half for certain properties, and a new transfer tax of approximately the same amount would be established, spendable only on affordable housing and other specified purposes.
A NO vote means
A NO vote would not make these changes: the current transfer tax would not be reduced by half for these properties, and the new transfer tax would not be established.
The money
The Controller states the ordinance would represent a moderate annual decrease of approximately $1 million to the City’s overall revenues starting in Fiscal Year 2027-28.
The Controller states the ordinance would shift $120 million per year of existing revenue from the General Fund to a special revenue fund dedicated to affordable housing programming and support.
The Controller states the ordinance requires the City to appropriate the House SF Fund with no less than 60% for affordable housing production programs, no less than 25% for preservation or acquisition programs, and no less than 10% for tenant stabilization or homelessness prevention programs.
The Controller states the ordinance would require the Controller’s Office to perform an annual audit on the House SF Fund and file it with the Board of Supervisors.
The official arguments
These are the arguments filed with the county for the official voter guide. They are written by their authors, not by the city or by us. We summarize what each says, not whether it is accurate.
Argument in favor
The argument says voters approved a transfer tax in 2020 for affordable housing and rent relief, and that none of it went to affordable housing in two years. It says Proposition I raises no taxes and requires annual audits.
Signed by Affordable Housing Alliance; San Francisco Tenants Union; Small Business Forward; United Educators of San Francisco; SEIU 1021; and others as printed
Official Proponent Argument, Proposition I (Dept. of Elections submission)
Argument against
The argument says a restricted fund takes money from the General Fund that pays for services. It says transfer tax revenue is volatile, the measure burdens commercial real estate, and it reduces budget flexibility.
Signed by Judge Quentin L Kopp; San Francisco Taxpayers Association
Official Opponent Argument, Proposition I (Dept. of Elections submission)
Read the official documents
Neighbor opinions
Where do you stand on Changes to Real Property Transfer Tax?
Opinions from people who signed in. Not a poll, not a vote, and not our endorsement. We don't check where anyone lives. Your name is never shown.
Keep going on your San Francisco ballot
- Board of Supervisors, District 2: 4 candidates
- Board of Supervisors, District 4: 3 candidates
- Board of Supervisors, District 6: 2 candidates
- Board of Supervisors, District 8: 4 candidates
- Board of Supervisors, District 10: 10 candidates
- Proposition A: Charter changes affecting various city departments and commissions
- Proposition B: Municipal finance corporation and public bank
- Proposition C: Contributions to the Housing Trust Fund
- Proposition D: Changes to ballot measure process
- Proposition E: City Administrator's authority and changes to city contracting
- Proposition F: Changes to Executive Branch Management
- Proposition G: Allowing Private Vehicles on the Upper Great Highway in Sunset Dunes Park
- Proposition H: Parcel Tax to Fund Muni Operations
- Proposition J: Removal of Foreclosure Exemption for Real Property Transfer Tax
- Take the 2-minute match quiz
- See my ballot plan
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